Pudgy Penguins NFTs PENGUSince its launch, Solana, the eco-system’s token, has dropped sharply. The following is a brief description of the work., a consumer-focused Ethereum layer-2 network.
PENGU is now trading at $0.0173. It has declined by 49% and 24% over that time to reach this price. Top 100 crypto CoinGecko’s list of assets ranked by their market capitalization. Solana’s token price has plummeted to its lowest level since the volatile day of launch in December.
While the Pudgy Penguins original NFTs are on Ethereum, they have seen a. similar declineThe price of bitcoin has dropped by just over 20% within the last 24 hour and 39.9% in the previous week. It is now $37.950 (or 11.94 ETH).
Although the overall market may have had a part to play, traders and analyst have argued that Penguin has been hit harder due to the inability of the Abstract network’s Penguin assets to generate immediate returns.
“The reaction suggests that [Pudgy Penguins NFTs] were being priced with the expectation of a mainnet [token generation event] with a healthy drop to Pudgy holders, not a prolonged XP/Points program,” Postings The Block Explorer and On-Chain Analytics Platform Parsec Finance Twitter (formerly on X)
As reported by anonymous, this price drop has also fueled a NFT liquidity cascade in Blend, Blur’s NFT Financialization Platform. “Modern Market” Web3 analyst and podcast host. BCheque.
“Because the floor price keeps going down, more lenders pull their loans, which increases the number of NFTs needing to refinance the loan. When no lender steps in, the NFT gets liquidated into the hands of the lender,” He said. “The lender does not want it; [they] just wanted to earn interest on the loan. So the lender sells it to the market to recoup as much of the loan principal as possible. Repeat over and over again as the spiral continues.”
It is more than 60 percent of the decline from last year. The Pudgy Penguins High More than $100,000 before its PENGU Airdrop in December.
While the community stirs on the lack of immediate rewards for Pudgy Penguin users, the Abstract team made it clear that multipliers for XP—the chain’s native reward system—would not be the only way that Penguins and PENGU holders are rewarded.
“At launch, the Pudgy Penguin and Lil Pudgy status gives users bonus XP for using Abstract. There will be more coming for these holders,” Pudgy Penguins X is the account for this game Postings. “PENGU plans to have a significant tie in with Abstract in the near future, but for now, enjoy extra XP every week based on your tier.”
Currently, Pudgy Penguins (and Lil Pudgy NFT) holders will be able to claim an XP Multiplier under the rewards tab of their Abstract Global Wallet. Owners of at least 88,888 PENGU tokens—approximately $1,520 worth at current prices—can do the same.
The following is a brief description of the work. Launched its mainnet Portal on Monday. Pudgy Penguins’ parent company Raise $11 million In 2024, in order to launch the blockchain network, it is hoped that billions of people will be on-chain to interact with crypto projects and consumer applications.
Andrew Hayward edited the book